Dr. Kalotay, Andrew J.
Andy is President of Andrew Kalotay Associates,
Inc, New York, a fixed income analytics and
advisory firm he founded in 1990. He is a
leading authority on the practice of debt
management and a noted expert on the
valuation and analysis of agency, corporate and
municipal bonds. His recent focus is on optimal
refinancing of mortgages.
Andy is President of Andrew Kalotay Associates,
Inc, New York, a fixed income analytics and
advisory firm he founded in 1990. He is a
leading authority on the practice of debt
management and a noted expert on the
valuation and analysis of agency, corporate and
municipal bonds. His recent focus is on optimal
refinancing of mortgages.
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Prior to 1990, Andy worked with Salomon Brothers as Director-Research,
Bond Portfolio Analysis Group. He has also worked at Dillon Read, AT&T
and Bell Laboratories. On the academic side, he was the first Director of
the Center for Finance and Technology at Polytechnic University, where he
held a Professorship for three years. He has also been a Professor at
Fordham University and an Adjunct Professor at Columbia and Wharton.
Andy is the originator of innovations such as the Ratchet Bond, the Ratchet
Mortgage, and the Volatility Reduction Measure for hedge effectiveness
testing under FAS 133. He is also known for inventing the concept of
refunding efficiency - a widely used tool in the management of callable
debt. In 1997, he was inducted into the Fixed Income Analysts Society Hall
of Fame.
A prolific contributor to the literature on fixed income topics such as bond
refunding, interest rate derivatives, and the valuation of bonds with
embedded options, Andy has been an associate editor and frequent
referee for several journals. Among his many professional affiliations, he is
a Board Member of the FMA.
Andy holds a BSc (Hons)/MSc in Mathematics from Queen’s University and
a PhD in Mathematics from the University of Toronto.
Bond Portfolio Analysis Group. He has also worked at Dillon Read, AT&T
and Bell Laboratories. On the academic side, he was the first Director of
the Center for Finance and Technology at Polytechnic University, where he
held a Professorship for three years. He has also been a Professor at
Fordham University and an Adjunct Professor at Columbia and Wharton.
Andy is the originator of innovations such as the Ratchet Bond, the Ratchet
Mortgage, and the Volatility Reduction Measure for hedge effectiveness
testing under FAS 133. He is also known for inventing the concept of
refunding efficiency - a widely used tool in the management of callable
debt. In 1997, he was inducted into the Fixed Income Analysts Society Hall
of Fame.
A prolific contributor to the literature on fixed income topics such as bond
refunding, interest rate derivatives, and the valuation of bonds with
embedded options, Andy has been an associate editor and frequent
referee for several journals. Among his many professional affiliations, he is
a Board Member of the FMA.
Andy holds a BSc (Hons)/MSc in Mathematics from Queen’s University and
a PhD in Mathematics from the University of Toronto.
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